Petchem stocks gain strength

09/02/2015 05:37 AST

After a quick reversal in global oil prices, the Saudi stock market also showed impressive gains on Sunday.

The Tadawul All-Share Index making a typical trough-peak combination marched its way higher to achieve 165 points or 1.80 percent in a day, finishing at 9,345.32. It has added more than thousand points or 12.14 percent since the start of 2015.

All sectors extended gains, reflecting an accumulation of 1,752 points.

Petrochemical Industries made the biggest jump among sectoral indices, surging over three percent to 6,697.75. Industrial Investment and Multi-Investment sectors followed it, growing 2.8 percent and 2.5 percent respectively.

Top ten heavyweight equities finished to the upside, where Kingdom holding appreciating by 5.37 percent, National Commercial Bank 4.81 percent and market leader SABIC (Saudi Basic Industries Corp.) 3.11 percent.

Share price of Large Cap entity Jabal Omar raced to an all-time high of SR 60.25 before closing at SR 59.43, up 2.9 percent for the day. Interestingly, its volume was 359 percent greater than that of previous trading day.

The advancers easily outnumbered declining stocks on the Tadawul (market) as for 81 percent stocks that gained, 13 percent ended lower and 6 percent remained unchanged.

Saudi Kayan Petrochemical Company showing notable gains of 9.95 percent became the top performer among all Saudi stocks, closing the day at SR 13.7.

Kayan with trades over 83 million shares also topped the volume chart, a relative market share of 17.5 percent. The company volume went 6.2 times high over its 50-day average of 13.4 million shares.

While, Alinma Bank with a turnover of SR 1.5 billion dominated the liquidity chart.

Market activity was high, specifically twelve billion Riyals pumped into the market.

Trading volume was impressive, with about 477 million shares changed hands in the market, a remarkable 48.6 percent growth when compared with Thursday's trading.

The 50-day average for trading turnover is closer to 347 million shares worth SR8.8 billion.

GulfBase.com